Everyone keeps talking about an incoming surge of home foreclosures. Over the past few years, online crash predictors shouted from the rooftops about how another foreclosure crisis is always on the way, and we’re only months from a full-on meltdown. How much of this is true, and how much of it is pure clickbait? We’ve got Rick Sharga, Founder and CEO of CJ Patrick Company, one of the world’s leading housing market intelligence and advisory firms, on the show to tell us what the data points to.
Ever since the pause on foreclosures during the pandemic, homeowners have been getting win after win. They were able to save up plenty of cash, their home values skyrocketed, and they could refinance at the lowest mortgage rates on record. Now, with high rates, still high home prices, and steady demand, homeowners have most of the power, EVEN if they’re behind on payments. But, as the economy starts to soften, could the tapped-out consumer finally force some homeowners to default on their loans?
In this BiggerNews episode, Rick will give us all the details on today’s current foreclosure landscape, walk us through the three levels of foreclosures, give his 2024 foreclosure prediction, and share the economic indicators to watch that could signal a coming foreclosure crisis.
In This Episode We Cover:
A 2024 update on foreclosure rates, defaults, and Rick’s foreclosure forecast for next year
The three levels of foreclosure and why most homes WON’T ever be defaulted on
Rising consumer debt and what happens as more Americans default on their credit card and auto loans
Housing supply and whether or not a foreclosure crisis could finally give us some inventory
Economic indicators to watch that could signal a rise in foreclosures
How to use your home equity to invest in real estate (WITHOUT putting yourself at too much risk!)
And So Much More!
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Books Mentioned in the Show
Start with Strategy by Dave Meyer
Pillars of Wealth by David Greene
The One Thing by Gary Keller
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Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-871
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BiggerPockets Real Estate Podcast